Natural Gas Price Analysis: XNG/USD bulls attack $2.75 hurdle as full markets return

Natural Gas picks up bids to defend the previous day’s recovery, mildly bid of late.
200-HMA, top line of a fortnight-old symmetrical triangle restricts XNG/USD upside.
Bullish MACD signals, upbeat RSI keeps Natural Gas buyers hopeful.
Downside break of $2.66 can recall XNG/USD bears.

Anil Panchal FXStreet

Natural Gas (XNG/USD) Price remains on the front foot around $2.75 amid early Wednesday, extending the previous day’s run-up during a sluggish Asian session.

In doing so, the Natural Gas Price jostles with a convergence of the 200-Hour Moving Average (HMA) and the top line of a two-week-long symmetrical triangle, close to $2.75 at the latest.

That said, the bullish MACD signals and the upbeat RSI (14) line, not overbought, suggest further upside of the XNG/USD price past the $2.75 hurdle.

In that case, Friday’s peak of near $2.82 may act as an intermediate check for the Natural Gas run-up targeting the previous monthly high of around $2.93.

It’s worth noting that further advances of the Natural Gas price past $2.93 appear elusive as the $3.00 round figure and March’s peak of $3.08 will be tough nuts to crack for the XNG/USD bulls afterward.

Meanwhile, pullback moves remain elusive unless staying within the aforementioned triangle, currently between $2.75 and $2.66.

Also acting as the downside filter for the Natural Gas Price is the horizontal support around $2.60, a break of which will welcome the XNG/USD bears.

Natural Gas Price: Hourly chart

Trend: Further upside expected

Author

Anil Panchal

FXStreet

Anil Panchal has nearly 15 years of experience in tracking financial markets. With a keen interest in macroeconomics, Anil aptly tracks global news/updates and stays well-informed about the global financial moves and their implications.

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